business loan

Grow Your Business with Axis Bank Business Loan

To run a business, one needs to be fully committed to it. If anything goes wrong, everything has to suffer. A successful business requires a great amount of time and effort. Those who are passionate about their passionate manage to put everything that they have control of. But one thing that is not always in our control is money. Running a business is actually an expensive venture. By understanding how important funds are for business, Axis Bank lends business loan up to Rs. 50 Lacs. 

Axis Bank Business Loan Interest Rate are quite competitive in comparison to business loan by other banks. The main objective of Axis Bank Business Loan is to cut the stress of businessperson by providing financial assistance at convenient terms and conditions. For that, axis bank business loan required no collateral whatsoever. Go through the entire article to know why business loan of Axis Bank is the best option for your business.

Why to Apply for an Axis Bank Business Loan?

Being the third-largest bank in India, Axis Bank is revolutionizing the way we perceive banking. With its wide range of amazing financial products, it has become the ultimate financial institution in India. More than 10,000 people consider Axis Bank as their bank for various financial requirements. 

Understanding the emergence of business sense in people of India, Axis Bank lends business loan up to Rs. 50 Lacs and that too on low-interest rate. Passionate businessman like you can avail business loan from Axis Bank to meet various business expenses. 

Features and Benefits of Axis Bank Business Loan

There are various features and benefits of Axis Bank Business Loan. It is hard to sum of all the benefits that you can avail with Business Loan from Axis Bank. We tried to cover up some of the benefits with mere words. Here it is –

  • Multipurpose in nature – One can avail axis bank business loan to finance various business needs. Use it for working capital, trade, starting a new project, expansion of office space, and any valid reason related to your business.
  • Long repayment tenure – With the tenure period ranging from 12 to 60 months, the repayment of loan is easier than ever. Don’t stress about paying high EMIs. Axis Bank Business Loan can be repaid in small EMIs. 
  • Collateral free business loan – Whey you apply for business loan in Axis Bank, the bank doesn’t ask for any collateral or security deposit. As Axis Bank understands your concern, you can easily apply for Axis Bank Business Loan without security.
  • Multiple options to pay the EMI – If you’re concerned about writing cheques to repay your business loan, you need to stop worrying about it. Axis Bank provides you with an option to pay the EMI through multiple modes. Pay your Axis Bank Business Loan EMIs through auto-debit, ECS, and PDC.

What is the Interest Rate of Axis Bank Business Loan?

Axis Bank Business Loan Interest Rates are very competitive and starts from 14.25% per annum. Axis Bank Business Loan can be repaid in small EMIs because of its impressive set of interest rates.

Interest Rate 14.25% onwards
Processing Charges Up to 2% of loan amount + applicable taxes
Loan Amount Max Up to Rs. 50 Lakhs
Collateral Not required
Foreclosure Charges Nil
Prepayment Charges Nil
Penal Interest 2% p.m. on the amount of overdue instalment
Stamp Duty As per applicable state laws
Cheque Bounce Charges Rs. 500 per bounced cheque + applicable taxes
Renewal Processing Fee NA
Non Due Certificate (NOC) Rs. 150 + applicable taxes
CERSAI Charges NA

Types of Axis Bank Business Loan

In India, there are about 130 billion people. And among these 130 billion people, there are thousands of businesses. Each of them are different in nature and has different business needs. To sum all the business fund requirements in one business loan won’t do justice to all. Keeping that in mind, Axis Bank lends business loan on the basis of various business needs. These are the types of Business Loan in Axis Bank –

Working Capital Finance – To run your operation seamlessly, avail Axis Bank Business Loan for working capital. The loan amount can be used for running day-to-day expenses of the business. In this loan type, you can avail cash credit/overdraft facility.

Trade Finance – It is also called the short term working capital finance. 

Export Finance – This type of loan can be availed by businessperson involved in import/export. Tailored to meet various export financial needs, one can avail this loan to get funds for import/export goods outside the country. The interest rate is decided on the basis of credit capacity of a borrower.

Lease Rental Discounting – Just another type of short term loan to meet financial needs that arrive due to leasing of property. 

Term Loans – This loan facility can be availed for capital expenditure and RnD related activities.

Construction Finance – If you’re planning to expand your business space, you can avail construction finance loan from axis bank.

Project Finance – Avail this loan at the time of starting a new project. This type of loan can be quite useful as you won’t have to worry about funds and you can prioritize your focus according to your project.

Eligibility Criteria of Axis Bank Business Loan

To be eligible, applicants will have to meet every eligibility criteria fo Axis Bank. They are –

  • Applicant’s age must be above 21 years and below 60 years.
  • The age of the business must be at least 3 years.
  • Those whose business is making a profit and has a turnover of Rs. 30 Lacs can avail this business loan. Those who are having the revenue of more than Rs. 10 Crore won’t be considered for Axis Bank Business Loan.

What are the Documents Required for Business Loan?

Submission of documents are an important part of business loan in India. Even Axis Bank follows strict guidelines when it comes to documents. To avoid any defaulter, Axis Bank asks for every important documents related to your business. These are the documents that you will need when you apply for Business Loan in Axis Bank –

  • Last 2-year ITR
  • KYC Documents
  • PAN Card
  • Audit Report of the company

Additional Documents

  • Proof of business existence
  • Acknowledged Income Tax Returns
  • Loan sanction letter (If there is an existing loan in the name of applicant)

To avoid any hassle, we advise you to arrange every documents before you apply for a business loan with Axis Bank. Incomplete documents lead to loan rejection, it also impacts the credit score of the borrower.

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